Beiersdorf AG

BEI: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€473.00	Fszjzzs	Cxkg

Transferring Coverage of Narrow-Moat Beiersdorf; Fair Value Estimate Reduced to EUR 85

Diana Radu

May 1, 2022

Following a transfer of coverage, we lower our fair value estimate for narrow-moat Beiersdorf to EUR 85 from EUR 94. We believe the company’s C.A.R.E+ strategy is delivering promising results and we forecast above-industry-average sales growth in the midterm, however, we are less impressed with management’s capital allocation decisions, especially in regards to shareholder distribution.

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